7 parts

Requirement 1. Compite the cost of goods sold cont of ending mecchandse inventory, and gross proft using the FIFO inventary costing nwthod Aegin by compoting the cost of goods sold and cest of ending menchandise imventory using the FiFo inventory costing methed Enter the transactions in cheonological order, cakuhting new inventory on hare talances afler each transartion. Once all of the transections have beeri ontered into the perpstual record, calculate the quantity and lotal cost of merchandise inventory purchased, sold, ind on hand at the ond of the pedod (Entar the oldest inventory byoss first) \begin{tabular}{|rrr|} \hline Dec. 1 Beginning merchandise inventory & 12 units @ \$ 10 each \\ 8 Sale & 8 units @ \$ 22 each \\ 14 Purchase & 14 units @ \$ 14 each \\ 21 Sale & 13 units @ \$ 22 each \\ \hline \end{tabular} 1. Compute the cost of goods sold, cost of ending merchandise inventory, and gross profit using the FIFO inventory costing method. 2. Compute the cost of goods sold, cost of ending merchandise inventory, and gross profit using the LIFO inventory costing method. 3. Which method results in a higher cost of goods sold? 4. Which method results in a higher cost of ending merchandise inventory? 5. Which method results in a higher gross profit